The cryptocurrency market endured a sharp selloff on August 29, 2019, with major altcoins posting significant losses as Bitcoin’s downward trend dragged the entire digital asset space lower. Ethereum, Litecoin, Bitcoin Cash, and a broad range of alternative cryptocurrencies recorded double-digit weekly declines, underscoring the bearish momentum that had taken hold of the market during the final week of August.
TL;DR
- Ethereum dropped to $169.52, down 2.6% on the day and nearly 12% for the week
- Litecoin fell 4.7% daily and 13% weekly to $64.10
- Bitcoin Cash declined 3.7% to $280.74, with a 9.3% weekly loss
- Ethereum Classic was among the hardest hit, plunging 7.5% in 24 hours
- Binance Coin suffered a 7.3% daily drop and nearly 19% weekly decline
Altcoins Bear the Brunt of Market Weakness
While Bitcoin grabbed headlines for its slide below $9,600, the damage across the altcoin market was considerably more severe. Data from CoinMarketCap’s historical snapshot for August 29 shows that virtually every major alternative cryptocurrency was deep in the red, with weekly losses far exceeding Bitcoin’s own 6.3% decline over the same period.
Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $169.52 — down 2.59% over 24 hours and a steeper 11.73% over the trailing seven days. The decline brought ETH well below the $200 psychological level that had served as a key support throughout much of the summer. With a market capitalization of approximately $18.2 billion, Ethereum’s losses alone wiped billions from the total crypto market cap.
Litecoin’s Halving Hangover Continues
Litecoin was one of the worst performers among major altcoins, falling 4.74% on the day to $64.10 and recording a weekly loss of nearly 13%. The decline extended a painful post-halving trend for LTC, which had seen its price steadily erode since its block reward halving on August 5, 2019. The halving — which reduced the block reward from 25 LTC to 12.5 LTC — had been widely anticipated as a bullish catalyst, but the reality proved far more sobering for Litecoin holders.
With a market capitalization of roughly $4 billion, Litecoin had fallen dramatically from its late June highs near $140, losing more than half its value in just two months. The weekly loss of 12.96% was among the steepest of any top-ten cryptocurrency.
Broader Market Carnage
The selloff was not limited to the largest altcoins. Binance Coin (BNB), which had been one of the standout performers of 2019, dropped 7.28% on the day to $21.89, with a devastating weekly decline of 19.13%. Ethereum Classic (ETC) plunged 7.50% in 24 hours and 18.66% for the week, trading at just $5.95.
Monero (XMR) fell 7.12% to $67.16, losing 18.33% over the week. Huobi Token (HT) was hammered with a 7.93% daily drop and a 20.57% weekly decline — the worst weekly performance among the top 20 cryptocurrencies. Dash (-5.38%), Tezos (-5.37%), and Chainlink (-6.20%) also posted meaningful losses.
The only notable outlier was IOTA, which managed a 3.05% daily gain, though it still registered a 5% loss for the week. XRP was another relative safe haven, posting a modest 0.24% daily gain at $0.257, though its 5.13% weekly decline told a more bearish story.
Total Market Under Pressure
The combined cryptocurrency market capitalization was under significant pressure as August drew to a close. Bitcoin’s market dominance remained near 65%, but the total market cap had shed tens of billions from its mid-year peaks. The top five cryptocurrencies — Bitcoin ($9,510), Ethereum ($169.52), XRP ($0.257), Bitcoin Cash ($280.74), and Litecoin ($64.10) — all reflected the risk-off sentiment prevailing across the space.
Trading volumes told the story of intensifying selling pressure. Kraken reported $163 million traded across all its markets on August 29, with Bitcoin accounting for $119 million of that volume. The broader selling was visible across virtually every trading pair.
Why This Matters
The late August 2019 altcoin selloff highlighted a recurring pattern in cryptocurrency markets: altcoins tend to amplify Bitcoin’s movements in both directions. When Bitcoin entered its own corrective phase — dropping from highs above $12,000 — altcoins suffered disproportionately. The Litecoin post-halving crash served as a cautionary tale about pricing in anticipated events, while the broader decline reminded investors that the 2019 crypto market, despite its strong first-half rally, remained deeply cyclical and volatile. The damage across DeFi tokens, exchange tokens, and privacy coins alike showed that no sector of the altcoin market was immune when macro sentiment turned negative.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always do your own research before making investment decisions.
BTC under 9600 and ETC getting 51% attacked every other day. august 2019 was genuinely brutal for anyone holding anything besides stablecoins
BNB down 19% weekly. even exchange tokens couldnt escape the august dump. nothing was safe
ETH at $169 with a 12% weekly drop. the defi degens hadnt arrived yet, this was pure despair territory
defi summer 2020 was right around the corner though. this was basically the final altcoin shakeout before compound changed the game
compound launching lending markets changed everything. went from $169 ETH to defi explosions in under a year
compound launched in sep 2020 and ETH went from $169 to $400 in two months. the defi explosion was so fast most people missed the bottom entirely
BNB suffering a 19% weekly drop while being an exchange token is telling. even cz couldnt pump through that august bleed
Aleksei V COMP farming kicked off so fast. went from 200M to 10B TVL in defi in like 3 months. everyone who bought ETH at 169 in august 2019 was sitting on 3x by september 2020
defi_radar COMP farming kicked off the biggest rotation in defi history and nobody at the time connected it to this august dump. the bottom was literally 12 months away
9000 confirmations for ETC deposits was coinbase saying we technically wont delist you but good luck actually using it. the politest kill shot ever
ETC plunging 7.5% in 24 hours was just another tuesday for that chain. 51 attacks every other week
ETC was basically a testnet for reorg attacks by late 2019. the hashrate was so low anyone could rent enough to 51% it
ETC 51% attacks were so common by late 2019 that exchanges started requiring hundreds of confirmations. the chain was basically unusable for days at a time
coinbase requiring 9000 confirmations for ETC was basically coinbase saying we dont want your business without saying it. the chain was unusable
reorg_survivor coinbase requiring 9000 confirmations for ETC was basically a polite delisting. they just didnt want the PR nightmare of actually removing it
reorg_survivor coinbase required 9000 confirmations for ETC deposits at one point. that was basically a week long lockup. insane that people still traded it
BNB down 19% weekly while being an exchange token tells you everything about the 2019 market. even the platform coins had zero bid
Piotr Z. BNB was suppose to be the safe haven token and it bled harder than everything except ETC. cz marketing couldnt save it
LTC at $64 down 13% weekly and people still called it digital silver. it was down 87% from its ath at that point lol
ltc_baggage LTC at 64 down 87% from ath and people still called it digital silver, the cope was unreal back then
down 87% from ATH and people still called it digital silver. LTC copium was unmatched in 2019
ETH at 169 down 12% weekly and nobody knew compound was about to save the entire market. august 2019 was the final shakeout before defi summer
altseason_rip_ COMP farming into defi summer was the greatest V-shaped recovery nobody saw coming. ETH at 169 was the generational bottom and most people were calling for double digits
LTC bagholders calling it digital silver at 64 bucks down 87% from ath. the cope was a 10 out of 10 honestly
ETC getting 51 percent attacked every other week and Coinbase responding with 9000 confirmations instead of delisting tells you everything about listing fees back then